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ETH/USD Rallies, Will Uptrend Accelerate?

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether managed to overcome all odds against the US Dollar, as ETH/USD was able to clear a crucial resistance to challenge the $12.00 barrier.

Key Highlights

There was a sharp upside move in Ether price once there was a break above the $11.40 resistance against the US Dollar.
The 4-hour chart of ETH/USD clearly highlights a bullish break, and signaling positive momentum.
The pair already traded past $12.00, and may look to accelerate gains in the short term.

Technically, the 4-hour chart indicators extended moves in the bullish territory and remain elevated.

Ether Price Biased Higher Above Daily Cloud

Yesterday, we saw how there was a crucial resistance formed near $11.35-11.40 in Ether price versus the US Dollar. The price was seen struggling to overcome the mentioned resistance.

Ether Price Analysis Chart

However, the market sentiment was boosted overnight, as the ETH/USD pair spiked higher and broke the $11.40 resistance to set the pace for the next ride.

The upside move was such that the price also traded above the $11.60 resistance, and cleared January’s swing high of $11.87. The price even broke past the $12.00 handle, and posted a new monthly high as $12.15.

At the moment, it looks like the price is consolidating gains above the $12.00 level and might be preparing for further gains. Should a correction wave materialize, an initial support can be around the 23.6% Fibonacci retracement level of the last wave from the $11.20 low to $12.15 high.

In my view, a 4-hour close above the $12.00 level is needed for the price to extend gains. No doubt, there is a clear break of a bearish trend line on the chart at $11.40, which is a bullish sign.

Ethereum ETH/USD Forecast

However, a daily close above $12.00 won’t be easy. If there is a close, the next stop for ETH/USD could be near $12.80.

On the downside, below $11.87, the most important support would be $11.50-11.40. It was a resistance earlier, and now most likely to act as a strong support.

Important Resistance Levels

$12.20 and $12.80

Important Support Levels

$12.00 and $11.87

Hourly RSI

The RSI technical indicator is reaching the overbought levels, but no sign of a correction yet.

Hourly MACD

The MACD moved sharply into the bullish zone, and gaining momentum.

Aayush Jindal

Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets

ETHNews is commited to its Editorial Policy

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